Murgor drills more high grade gold at Hudvam and prepares for new 43-101 compliant resource estimate
MONTREAL, May 15 /CNW/ - Murgor Resources Inc. (MGR: TSX-V) today released the last assay results from its winter drilling at the Hudvam copper-gold-zinc-silver deposit in Manitoba. The results continue to highlight the presence of very high gold values that supplement the copper, zinc and silver values.
The new assay results are as follows:
DDH HVS-08-39: 8.86 g/t Au, 0.62% Cu, 0.53% Zn, 9.22 g/t Ag over 18.45 metres Incl: 11.05 g/t Au, 0.74% Cu, 0.66% Zn, 11.21 g/t Ag over 14.65 metresDDH HVS-08-40: 2.95 g/t Au, 1.19% Cu, 0.25% Zn, 12.65 g/t Ag over 19.93 metres Incl: 8.44 g/t Au, 2.05% Cu, 0.06% Zn, 22.91 g/t Ag over 4.95 metresDDH HVS-08-49: 6.24 g/t Au, 0.65% Cu, 0.99% Zn, 10.49 g/t Ag over 16.22 metres Incl: 11.02 g/t Au, 0.86% Cu, 0.80% Zn, 14.35 g/t Ag over 8.13 metres
"Murgor is extremely pleased with the results of its drilling campaign last winter", said Andre C. Tessier, President & CEO of Murgor Resources. "In less than 17 months, Murgor increased the resource at Hudvam relative to the historical resource, drill defined the deposit, and is now looking to complete a new 43-101 resource estimate this summer. The results published since the winter drilling at Hudvam will be an important component in this new 43-101 resource estimate and should once more increase and upgrade the resource category. To date, Murgor has met every milestone it set for itself when acquiring the property from HudBay in late 2006."
Since January 2007, Murgor has completed 51 drill holes at Hudvam, totalling 13,532 metres. In early April 2008, Murgor completed its winter drilling program of 30 drill holes and 9,322 metres. Murgor has now completed the definition, infill, metallurgical and geotechnical drilling at the deposit, as well as two exploration holes. For previously released assay results, please see press releases of March 11th and 20th, April 22nd and May 8th, 2008.
In February 2007, Murgor completed a NI 43-101 compliant resource estimate at Hudvam. The resource estimation doubled the historical values for copper and zinc while the gold and silver content increased by more than 145%. The Hudvam 43-101 Inferred resource table below does NOT include the drilling completed by Murgor in 2007 and 2008 (for the full 43-101 report, please refer to SEDAR):
----------------------------------------------------------------------CUT-OFF TONNAGE GRADEGRADE(x) (Tons) Cu Zn Au Ag----------------------------------------------------------------------2% Cu Equiv(xx) 1,315,000 1.17% 1.71% 2.94 g/t 10.49 g/t------------------------------------------------------------------------CUT-OFF TONNAGE CONTAINED METALGRADE(x) (Tons) Cu (lbs) Zn (lbs) Au (oz) Ag (oz)------------------------------------------------------------------------2% Cu Equiv(xx) 1,315,000 30,778,000 44,720,000 111,000 403,000
(x)Copper equivalent grade. (xx)Copper equivalencies based on the
following price of metals: Copper (Cu) (equal sign) USD$1.10 per pound,
Zinc (Zn) (equal sign) USD$0.60 per pound, Gold (Au) (equal sign)
USD $475.00 per troy ounce, and Silver (Ag) (equal sign) USD$6.00 per
troy ounce.
The mineralization at Hudvam consists of solid sulphide to sulphide breccia with variable amounts of gold bearing pyrite, pyrrhotite, chalcopyrite and sphalerite. The ore lenses trend NNE and dip steeply at 75-80 degrees towards the SE and would be amenable to long-hole mining. An existing 312 metre long ramp at the deposit could be rehabilitated quickly for development of the deposit.
Chemical analyses reported in this press release were performed by TSL Laboratories in Saskatoon. Base metals were analyzed through atomic absorption spectrometry after a multi-acid digestion whereas gold was analyzed by fire assay Atomic Absorption using a 30g charge, with gravimetric finish for assays greater than 3 g/t. Sampling and analytical procedures are subject to a comprehensive Quality Assurance and Quality Control program that includes duplicate samples, blanks and analytical standards.
The Qualified Person in the field, as defined by NI-43-101, was Neil W. Richardson P.Geo. and Manager of Central Canada Exploration for Murgor Resources Inc. Andre C. Tessier, P.Geo. (On), P.Eng. (Qc) and President CEO of Murgor Resources is the Qualified Person responsible for this news release.
TABLE OF NEW RESULTS FROM THE HUDVAM DEPOSIT------------------------------------------------------------------------- TRUE HORIZONTALHOLE-ID ZONE FROM TO LENGTH WIDTH WIDTH AU AG (m) (m) (m) (m) (m) (g/t) (g/t)-------------------------------------------------------------------------HVS08-039 1 52.05 70.50 18.45 9.31 9.63 8.86 9.22 --------------------------------------------------------------- incl. 52.05 66.70 14.65 7.37 7.63 11.05 11.21-------------------------------------------------------------------------HVS08-040 3 62.04 81.97 19.93 7.78 8.05 2.95 12.65 --------------------------------------------------------------- incl. 65.85 70.80 4.95 1.93 1.99 8.44 22.91--------------------------------------------------------------------------------------------------------------------------------------------------HVS08-045 Geotechnical Hole - No samples--------------------------------------------------------------------------------------------------------------------------------------------------HVS08-046 1 477.11 485.54 8.43 6.37 6.59 1.15 14.23-------------------------------------------------------------------------HVS08-047 1HW 117.71 118.65 0.94 0.70 0.72 2.30 10.50-------------------------------------------------------------------------HVS08-048 1 143.61 148.37 4.76 3.59 3.72 0.53 9.35-------------------------------------------------------------------------HVS08-049 1 185.18 201.40 16.22 11.75 12.16 6.24 10.49 --------------------------------------------------------------- incl. 189.50 197.63 8.13 5.89 6.10 11.02 14.35-------------------------------------------------------------------------HVS08-050 1 557.50 591.41 33.91 21.15 21.90 0.26 2.07 --------------------------------------------------------------- incl. 571.00 574.17 3.17 1.98 2.05 0.23 2.41--------------------------------------------------------------------------------------------------------------------------------------------------HVS08-051 1 Cut-off Hole--------------------------------------------------------------------------------------------------------------------------HOLE-ID ZONE CU ZN PURPOSE (%) (%)-------------------------------------------------HVS08-039 1 0.62 0.53 Geotech-Infill ----------------------- incl. 0.74 0.66-------------------------------------------------HVS08-040 3 1.19 0.25 Geotech-Infill ----------------------- incl. 2.05 0.06--------------------------------------------------------------------------------------------------HVS08-045 Geotechnical--------------------------------------------------------------------------------------------------HVS08-046 1 0.88 2.33 Definition-------------------------------------------------HVS08-047 1HW 0.84 1.43 Cut-off-------------------------------------------------HVS08-048 1 0.58 2.06 Definition-------------------------------------------------HVS08-049 1 0.65 0.99 Infill ----------------------- incl. 0.86 0.80-------------------------------------------------HVS08-050 1 0.78 0.01 Exploration ----------------------- incl. 1.55 0.02--------------------------------------------------------------------------------------------------HVS08-051 1 Cut-off-------------------------------------------------
A longitudinal section can be viewed, attached to the press release on Murgor's website at www.murgor.com.
About the Hudvam Deposit
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The Hudvam property is located approximately 47 kilometres northeast of the Town of Flin Flon in Manitoba. Murgor is earning a 100% interest in the property from HudBay Minerals Inc. (HBM: TSX). HudBay has a 65% buyback right on the property by making cash payments, exploration expenditures and by carrying Murgor into production. In February 2008, Murgor announced that it had satisfied its exploration expenditures to earn its 100% interest in the Hudvam property (see press release dated Feb. 26, 2008).
About Murgor
------------
Murgor Resources Inc. is a mineral exploration company with a focus on zinc, copper and gold exploration in Canada. In late 2006, Murgor signed six agreements with HudBay Minerals, acquiring the right to earn a 100% interest in three deposits with a total NI 43-101 Inferred resource of: 8,666,000 tons of mineralization, containing 143,150,000 pounds of copper, 430,251,000 pounds of zinc, 221,000 ounces of gold and 2,526,000 ounces of silver. Murgor has also acquired from HudBay Minerals, a 50% interest in two highly prospective grassroots properties, covering more than 1,850 square kilometres adjacent to the Snow Lake and Flin Flon mining districts. The exploration target for Murgor consists of deposits in one of the most prolific greenstone belts in Canada and the world. Murgor also benefits from its association with HudBay Minerals, one of Canada's most successful mining companies.
This news release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization, resources and reserves, exploration results, and future plans and objectives of Murgor, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Murgor's expectations are exploration risks detailed herein and from time to time in the filings made by Murgor with securities regulators.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.